Binance Smart Chain (BSC) and Solana (SOL) continue to show mass adoption while Ethereum (ETH) expansion problems persist, cryptocurrency experts have weighed in on the battle for the second spot.
BSC and SOL Battle for Dominance Against ETH
Kain Warwick, the founder of Synthetix, and Kyle Samani, the managing partner of Multicoin Capital, both shared their views on the battle for Ethereum dominance.
They gave a speech on the Unchained Podcast and discussed the potential of other blockchains that could outperform Ethereum. Solana and Binance Chain are the biggest threats.
Commenting that high ether gas loads are the main problem, Warwick said, “there appears to be a bit of an opportunity for chains like Solana and Binance Smart Chain to really start chipping away at ETH dominance.”
More Bullish BSC and SOL
Samani, who is focused on crypto investing, stated on the podcast that Multicoin Capital is bullish on Ethereum, but the company is more bullish on BSC and SOL. He said: “We’re more long ETH than Bitcoin. And we’re even more long than that on SOL and Binance.”
Both experts believe that investors cannot put their noses into the sleep of Ethereum’s competitor. Warwick went on to comment, “I think that ETH-community can’t just be oblivious to this.” Repeat the need to seriously consider ETH competitors.
Main competitor advantage
Solana and Binance smart chain blockchains offer several advantages over Ethereum. One of the biggest problems at ETH is the lack of scalability. The increase in the number of users and transactions has recently created network problems.
“The biggest challenge the ethereum ecosystem faces actually today, is that it is actually impossible to answer the question: what does a scaled ethereum application look like in 24 months?” Said Samani.
Further factors are the development framework. Solana is built on Rust. Warwick believes Rust will allow developers to evolve the network on Solana.
Samani also commented on the Rust framework, saying, “it seems like Rust is going to slowly replace C++ as like powering the guts of everything in the world.”
Warwick eventually pointed out that Solana poses a bigger threat to Ethereum in the long run. He said: “You can lose market share. Leaders fall behind all the time, especially in nascent phases of tech revolutions.”